The note about "Follow tail" mode:
it can be changed on per-tab basis. So you can enable "Follow tail" for
one file, and disable it for another.
This also can be said about the "Wrap" option.

The file highlighting feature currently supports 20 different colors.
Lines can be matched using RegEx, so you can use one color option
for seleral different words: you should specify "word1|word2|..." for this.

License: Freeware for home use, must be registered for work use.
Limitations of non-registered version: nag screen at start, maximum 2 opened tabs.